North Bridge Commercial Complex up for sale

Published January 25, 2011

North Bridge Commercial Complex up for sale
Expected price tag is $110-$115m, says DTZ


By FELDA CHAY


(SINGAPORE) North Bridge Commercial Complex is up for grabs, with an expected price tag of $110-$115 million, said DTZ, the marketing agent for the sale.

Located along North Bridge Road, the freehold property sits on a land area of 1,079.1 sq m (11,615 sq ft). The site is zoned for commercial use, has a plot ratio of 4.2 and total gross floor area of 4,532.2 sq m (48,784 sq ft).

Based on the sale price expectations, this translates into a per square foot per plot ratio cost of $2,255-$2,357.

According to DTZ, the plot has a buildable height of up to six storeys. The development currently sitting on the site is a six-storey commercial block with an existing gross floor area of 6,188.67 sq m (66,614 sq ft).

DTZ's senior director for investment advisory services and auction Shaun Poh said of the site: 'There has been no similar property offering in the vicinity recently and we expect the property to attract keen interest from investors and developers.'

He added that the plot's central location, coupled with its proximity to the Bugis and City Hall MRT stations and its prominent frontage, means the property has the potential to be revamped into a boutique office. It can also be turned into a retail development, with the opportunity for individual unit sales, said Mr Poh.

'Shop units at The Bencoolen have recently changed hands at $3,500 to $5,300 psf (per square foot) and at Sim Lim Square up to $9,000 psf,' he noted, adding that other possible development options for the site include a hotel, subject to planning approval.

The site is also close to shopping malls such as Bugis Junction and Raffles City, and hotels like the Inter-Continental Hotel and Raffles Hotel.

For now, entities that own more than 90 per cent of the total strata area and share values of the complex have given their consent to the collective sale. They include private commercial school operator ERC Holdings, which bought 90 per cent of the complex for $46 million in 2009.

The sale is being conducted through a tender exercise, which will close on March 3 at 3pm.


Source: www.businesstimes.com.sg